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According to the National Enterprise bankruptcy reorganization case Information Network, on July 1, Chinese American Express (Jiangsu) Technology Co., Ltd. (hereinafter referred to as "Chinese American Express") applied to the people's Court of Yancheng Economic and technological Development Zone for reorganization and pre-reorganization on the grounds that its assets could not pay off all its maturing debts, but it had the value and possibility of reorganization. The people's Court of Yancheng Economic and technological Development Zone made a decision on August 8 and decided to accept the application for pre-restructuring of Chinese American Express.

The announcement shows that as of April 30, 2024, it is known that the outstanding debts of the Chinese Express Company have exceeded the total assets of the company, and the assets are insufficient to pay off all the debts, and there are already reasons for bankruptcy. The court held that Chinese American Express's business involves the research and production of new energy vehicles, self-driving, cloud computing, etc., the new energy vehicle industry has broad prospects, and pre-restructuring will help to improve the efficiency of enterprise reorganization and reduce the cost of enterprise reorganization. It can give full play to the function of the reorganization system to save troubled enterprises, better protect the legitimate rights and interests of creditors, and the debtor has the value of pre-reorganization. Meet the pre-restructuring conditions.

According to the data, the Chinese American Express Company was registered and established on September 13, 2017. the registered address is 69 Donghuan South Road, Yancheng Economic and technological Development Zone, with a registered capital of 1 billion yuan. Ding Lei is the legal representative, chairman and general manager. According to the shareholding structure, Chinese American Express is jointly owned by Chinese American Express (Shanghai) Co., Ltd. and Jiangsu Yueda Automobile Group Co., Ltd., of which 80% is held by Chinese American Express (Shanghai) Co., Ltd.

On the first day of the Spring Festival resumption of work in the year of the Dragon, Gaohe Automobile held an internal meeting to suspend production for six months, requiring the company to maintain low-power operation and continue to look for financing to tide over the difficulties and attract outside attention. Mr Ding admitted that the Yancheng plant had been shut down since November and that cash flow in the company's accounts had dried up, adding that "Haohe still has a window of three months", possibly as little as one month. From then on, Gaohe began to save itself.

Since then, information such as the freezing of Gaohe's equity and being listed as the person subject to execution has come one after another. Gaohe (Qingdao) Automobile sales and Service Co., Ltd. is currently being executed with a total amount of more than 20 million yuan. Chinese Express (Jiangsu) Technology Co., Ltd. recently added 45 million yuan of equity freeze. In addition, on March 5, Faraday issued a future announcement to sue Gaohe Motor and its founder Ding Lei for infringing trade secrets and unfair competition.

In May this year, Chinese American Express Holdings Co., Ltd. issued an internal announcement on the working group during the company's restructuring and decided to set up a restructuring working group and a joint operation working group. The reorganization working group will be responsible for the reorganization from equity to all operation-related activities, including four groups: shareholder, government, supplier and employee, and the joint operation working group will be responsible for the daily decision-making and operation of the company. there are seven groups of product planning, project design engineering, production and supply chain, marketing, finance, legal, human and integrated functions.

It is worth mentioning that on the same day that the restructuring announcement was issued, Chinese Express and iAuto Group Inc. A comprehensive strategic cooperation agreement was formally signed on May 16, local time in the United States. According to the agreement, iAuto Group plans to invest more than US $1 billion in the first round of special funds to support the restructuring of Chinese Express. The scope of cooperation between the two sides includes cooperation in production that is about to resume to fulfill sales orders, equity restructuring and mergers and acquisitions, cooperation in technology, research and development, engineering, integration of brands and marketing at home and abroad, integration of supply chain and manufacturing, and so on.

According to public data, the core business of iAuto Group is the research, production, integrated sales and operation of clean energy vehicles and key components, with cryogenic controllable nuclear fusion technology, super drive system (which is more than 5 times more efficient than traditional drive system) and financial technology for automobile travel business. According to relevant data, the actual controller of iAuto Group is Yang Rong, who once served as chairman of brilliance China. However, the cooperation between the two sides has stalled since then, according to media sources, "iAuto is only willing to bear employees' wages, many other debts and so on do not want to bear." In addition, in June this year, it was rumored that Lifan Technology might acquire Gaohe, but until now there is no final conclusion.

Gaohe was once a hot electric car brand in the market. The price range of the first mass-produced car Gaohe HiPHi X is 57 to 800000 yuan. The high price and cool design once became the object of heated discussion in the market, and then launched the second model, HiPhi Z, although the price was slightly reduced but still more than 500000 yuan. By 2023, Gaohe car sales have been unable to break through, launching the second model HiPhi Y, priced at 33.90-449000 yuan, but in the face of the highly competitive electric car market, HiPhi Y did not bring a highlight moment for Gaohe, but Gaohe shut down production.

Industry insiders believe that the fundamental reason for the competition in the auto market or accelerating the emergence of the high-tech crisis lies in mistakes in product definition, R & D investment, distribution channels and external financing. Both HiPhi X and HiPhi Z are born to determine the positioning of high-tech ultra-luxury brands, but the shaping of brand luxury lies not only in price or the performance-to-price ratio accumulated by hardware configurations, but also in the unique experience given to users by the brand. High-tech lacks this ability, and high-tech cars lack self-research genes and hard technology in many key areas, such as three electric power, chassis adjustment, software algorithms and so on. Especially in the intelligent technology reserve, which is regarded as the core competitiveness of the enterprise, Gaohe automobile resources are invested cautiously, which causes it to lose the opportunity to compete with the head car company in the knockout stage of the second half of the intelligent electric vehicle.

Gao he Automobile rises high and hits high, which determines the small and beautiful market positioning, and tries to subdivide the population by virtue of its unique market positioning, which limits Gaohe Automobile to form a large-scale force in a short period of time, but can not form large-scale development. it is doomed that Gaohe Automobile can not achieve cost suppression. once the lack of financing leads to a funding gap, it is difficult for start-ups to get through the crisis through rapid self-hematopoiesis.

Today, China's auto market has entered the knockout stage of integration, and only companies that form positive revolving cash flow or have sufficient capital reserves have a chance to stay at the card table. In such a competitive market, there are actually only a few mainframe factories that can really benefit from it, fill their stomachs and make a lot of money. By 2025, the basic pattern of the market will be formed, who is the real head echelon members, who will be completely submerged by the ferocious tide, then the answer will be revealed.

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